Spire Global Announces Strategic Business Update; Debt to be Eliminated
Spire Global (NYSE: SPIR) has announced an agreement to sell its maritime business to Kpler for approximately $241 million, comprising $233.5 million purchase price and $7.5 million for services. The purchase price values the portfolio at ~5.8x trailing twelve months revenue. Spire will retain its satellite network and continue serving aviation, weather, space services, and U.S. government maritime customers. The company plans to use proceeds to retire all outstanding debt and invest in growth opportunities, focusing on climate change and global security challenges. The transaction is expected to close by Q1 2025.
Spire Global (NYSE: SPIR) ha annunciato un accordo per vendere la sua attività marittima a Kpler per circa 241 milioni di dollari, comprendente un prezzo di acquisto di 233,5 milioni di dollari e 7,5 milioni di dollari per servizi. Il prezzo di acquisto valuta il portafoglio a circa 5,8 volte i ricavi degli ultimi dodici mesi. Spire manterrà la sua rete satellitare e continuerà a servire clienti nel settore dell'aviazione, della meteorologia, dei servizi spaziali e dell'amministrazione marittima del governo degli Stati Uniti. L'azienda prevede di utilizzare il ricavato per estinguere tutti i debiti in sospeso e investire in opportunità di crescita, concentrandosi sulle sfide legate ai cambiamenti climatici e alla sicurezza globale. La transazione dovrebbe chiudersi entro il primo trimestre del 2025.
Spire Global (NYSE: SPIR) ha anunciado un acuerdo para vender su negocio marítimo a Kpler por aproximadamente 241 millones de dólares, que comprende un precio de compra de 233,5 millones de dólares y 7,5 millones de dólares por servicios. El precio de compra valora la cartera en aproximadamente 5,8 veces los ingresos de los últimos doce meses. Spire mantendrá su red de satélites y seguirá atendiendo a clientes de aviación, meteorología, servicios espaciales y marítimos del gobierno de EE.UU. La compañía planea utilizar los ingresos para pagar todas sus deudas pendientes e invertir en oportunidades de crecimiento, enfocándose en el cambio climático y los desafíos de seguridad global. Se espera que la transacción se cierre para el primer trimestre de 2025.
스파이어 글로벌 (NYSE: SPIR)는 해양 사업부를 Kpler에 약 2억 4천1백만 달러에 판매하는 계약을 발표했습니다. 이 금액은 2억 3천3백 50만 달러의 매입 가격과 750만 달러의 서비스 비용으로 구성됩니다. 매입 가격은 최근 12개월 수익의 약 5.8배에 해당합니다. 스파이어는 위성 네트워크를 유지하며 항공, 기상, 우주 서비스 및 미국 정부의 해양 고객을 계속 지원할 것입니다. 회사는 자금을 사용하여 모든 미지급 부채를 상환하고 기후 변화 및 글로벌 안보 문제에 중점을 두고 성장 기회에 투자할 계획입니다. 거래는 2025년 1분기까지 종료될 것으로 예상됩니다.
Spire Global (NYSE: SPIR) a annoncé un accord pour vendre son activité maritime à Kpler pour environ 241 millions de dollars, comprenant un prix d'achat de 233,5 millions de dollars et 7,5 millions de dollars pour des services. Le prix d'achat valorise le portefeuille à environ 5,8 fois les revenus des douze derniers mois. Spire conservera son réseau de satellites et continuera à servir des clients dans le secteur de l'aviation, de la météorologie, des services spatiaux et de la marine pour le gouvernement américain. L'entreprise prévoit d'utiliser les recettes pour rembourser toutes ses dettes en cours et investir dans des opportunités de croissance, en se concentrant sur le changement climatique et les défis de sécurité mondiale. La transaction devrait être finalisée d'ici le premier trimestre 2025.
Spire Global (NYSE: SPIR) hat ein Abkommen bekannt gegeben, sein maritimes Geschäft für etwa 241 Millionen US-Dollar an Kpler zu verkaufen, was einen Kaufpreis von 233,5 Millionen US-Dollar und 7,5 Millionen US-Dollar für Dienstleistungen umfasst. Der Kaufpreis bewertet das Portfolio mit etwa dem 5,8-fachen der Einnahmen der letzten zwölf Monate. Spire wird sein Satellitennetzwerk beibehalten und weiterhin Kunden in den Bereichen Luftfahrt, Wetter, Weltraumdienste und maritime Dienstleistungen der US-Regierung bedienen. Das Unternehmen plant, die Erlöse zur Tilgung aller ausstehenden Schulden zu verwenden und in Wachstumschancen zu investieren, wobei der Schwerpunkt auf den Herausforderungen durch den Klimawandel und der globalen Sicherheit liegt. Es wird erwartet, dass die Transaktion im ersten Quartal 2025 abgeschlossen wird.
- Sale of maritime business for $241 million at 5.8x revenue multiple
- Complete elimination of outstanding debt
- Retention of satellite infrastructure and core business segments
- Non-dilutive capital raising preserving shareholder value
- Elimination of interest payments improving cost structure
- Divestment of significant revenue-generating business unit
- Extended closing timeline until Q1 2025
Insights
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Spire entered into agreement to sell its maritime business for
~ ; purchase price ~5.8x trailing twelve months revenue$241 million - Company intends to eliminate debt through sale proceeds
- Company intends to invest in growth and innovation of its data analytics and radio frequency geolocation solution offerings to address climate change and global security challenges for its customers
The
“This move further focuses Spire on our core mission: helping humanity tackle climate change and global security challenges — two of the macrotrends driving the space economy,” said Peter Platzer, Spire CEO. “We are now even better equipped with the resources, technology and experience to serve governments and commercial clients to fulfill their missions, whether through our advanced data solutions or empowering them with our sophisticated space services offering.”
“In addition to these benefits for Spire, we expect this sale will benefit our maritime customers and team members by allowing our maritime business to grow even faster within a global organization leading the digitalization of the maritime industry,” Platzer added.
“By acquiring Spire Maritime, we will materially improve our satellite AIS offering which together with our comprehensive terrestrial AIS network, significantly enhances real-time visibility and analytics for the maritime and commodity markets,” said Mark Cunningham, CEO of Kpler. “This will provide our clients with a clearer view of developments across maritime and commodity markets, to support better decision-making in a globally interconnected economy.”
“By capitalizing the business in a non-dilutive manner and eliminating interest payments and other operational restrictions, we are transforming our cost structure and operating model,” said Leo Basola, Spire CFO. “This approach mitigates risk by removing the most significant external financial pressures, while also providing us with capital to invest in core projects that generate long-term value.”
The transaction is expected to close by the first quarter of 2025, subject to satisfying customary closing conditions.
Spire’s financial advisor for the transaction was Evercore, with legal counsel provided by Faegre Drinker. Kpler’s legal counsel was provided by Cooley.
Conference Call
Spire will webcast a conference call to discuss the announcement at 10:00 a.m. ET today. The webcast will be available on Spire’s Investor Relations website at ir.spire.com. A replay of the call will be available on the site for three months.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or the Company’s anticipated financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “seek” or “continue” or the negative of these words or other similar terms or expressions that concern the Company’s expectations, strategy, plans or intentions. Statements about the transactions contemplated by the Share Purchase Agreement (the “Purchase Agreement”) for the sale of portions of the Company’s maritime customer portfolio and certain related assets and liabilities (the “Transactions”), including with respect to whether or when any of the conditions to the Transactions will be satisfied, whether and when the Transactions may occur, the potential consequences of the Transactions, the potential future relationships contemplated by the Purchase Agreement, and the Company’s intent to use the proceeds from the Transactions to eliminate debt and invest in growth and innovation of its data analytics and radio frequency geolocation solution offerings, are forward-looking statements.
The Company cautions you that the foregoing list may not contain all of the forward-looking statements made in this press release. You should not rely upon forward-looking statements as predictions of future events. Factors that may cause future results to differ materially from the Company’s current expectations include, among other things, (1) risks related to the consummation of the Transactions, including the risks that (a) the proposed transaction may not be consummated within the anticipated time period, or at all, (b) required regulatory clearances and approvals may not be obtained, (c) other conditions to the consummation of the Transactions may not be satisfied, and (d) all or part of the buyer’s financing may not become available; (2) the effects that any termination of the Purchase Agreement may have on the Company or its business, including the risks that the Company stock price may decline significantly if the Transactions are not completed; (3) the effects that the announcement or pendency of the Transactions, or developments with respect thereto, may have on the Company and its business, including the risks that as a result (a) the Company’s business, operating results or stock price may suffer, (b) the Company’s current plans and operations may be disrupted, (c) the Company’s ability to retain or recruit key employees may be adversely affected, (d) the Company’s business relationships (including, customers, data providers, and other suppliers) may be adversely affected, or (e) time and attention of Company personnel may be diverted from other important matters; (4) the effect of limitations that the Purchase Agreement places on the Company’s ability to operate its business during the pendency of the Transactions; (5) the nature, cost and outcome of any litigation and other legal proceedings; (6) the risk that the Transactions may involve unexpected costs, liabilities or delays; (7) other economic, business, competitive, legal, regulatory, and/or tax factors; (8) the Company’s future financial results and any further delay in the filing of required periodic reports, and (9) the other risk factors affecting the Company described under “Risk Factors” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Moreover, the Company operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The Company cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.
Neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, the forward-looking statements made in this press release relate only to expectations as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the forward-looking statements.
About Spire Global, Inc.
Spire (NYSE: SPIR) is a global provider of space-based data, analytics and space services, offering unique datasets and powerful insights about Earth so that organizations can make decisions with confidence in a rapidly changing world. Spire builds, owns, and operates a fully deployed satellite constellation that observes the Earth in real time using radio frequency technology. The data acquired by Spire’s satellites provides global weather intelligence, ship and plane movements, and spoofing and jamming detection to better predict how their patterns impact economies, global security, business operations and the environment. Spire also offers Space as a Service solutions that empower customers to leverage its established infrastructure to put their business in space. Spire has nine offices across the
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For Media:
Kristina Spychalski
Head of Communications
Kristina.Spychalski@spire.com
For Investors:
Benjamin Hackman
Head of Investor Relations
Benjamin.Hackman@spire.com
Source: Spire Global, Inc.
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